Break the record again! Square Founder of Twitter Founder Jack Dorsey Sells $ 178 Million Bitcoin

Square, a payments and mobile financial services company founded by Twitter CEO Jack Dorsey, released its fourth-quarter earnings report last night, including another quarterly record of bitcoin purchases.

Screenshot 2019-05-07 1.59.08 PM

Square reported more than $ 178 million in bitcoin purchases in the fourth quarter. For the entire year of 2019, the payment company recorded a total of more than $ 516 million in bitcoin sales, which translates into a gross profit of $ 8 million, less than 2% of the gross profit of subscription and transaction services.


Although Square's bitcoin trading volume still looks pale compared to large U.S. retail crypto exchanges, Square's surge in bitcoin demand is actually higher than Coinbase (down about 40% from last quarter), Gemini (down 60%) , And Kraken (10% increase). The data is from CryptoCompare for analysis.

Square's trading volume is more in line with Binance's US station. Binance's bitcoin transaction volume in the fourth quarter was approximately $ 250 million.


Buying bitcoin is one of the features that have been launched in the Square Cash App, all of which are designed to provide users with greater financial access-the app has recently added the ability to purchase odd shares of listed companies.

In a fourth-quarter shareholder address, Square said:

"In the first three months since launch, stock investment was the fastest product of all products released by the Cash App. Customers are using the ability to buy piecemeal stocks, and the average customer buys about $ 20 per purchase stock."

The ability to cross-sell other products (such as stock trading and traditional banking services) is currently lacking in other US pure retail crypto trading applications (such as Coinbase). Compared to retail retail brokerage applications that currently do not have the ability to buy or sell bitcoin, Square Cash can also generate greater revenue for each user, thus providing a competitive advantage.

During the fourth quarter earnings call, Square CEO Jack Dorsey said that in December, Square Cash app users had annualized income of more than $ 30 per user. "The annual income of active Bitcoin users is 2-3 times for other cash customers. "

Square stated in its Q3 investor letter that Square Cash helped boost the number of first-time Bitcoin buyers within Square within 30 days of the redesign (increasing stock trading).

Dorsey said in a previous conference call that the company was moving quickly to ensure the "quality" of its customers' services, noting:

"For us, Bitcoin does not stop at buying and selling. We do believe that this is a transformative technology for our industry . It will give people more opportunities to enter the financial system, so we will have a learning mentality and ensure that We are learning and starting to lead the financial industry from here. "

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Analysis and Commentary: The Fate of Bitcoin ETFs and Cryptocurrency Performance

After a period of significant growth in the crypto market, traders were briefly shaken by a report causing a halt in ...


Interpreting the Performance of 14 L1 Public Chains in Q1: Stacks Emerges as Dark Horse, Network Usage Rate Generally Decreases

After the running-in period, various public chains have entered the "internal competition" stage.


🤩 The US Cryptocurrency Conundrum: Regulating in Chaos 😱

Charles Hoskinson, creator of Cardano, expressed to Cointelegraph that regulators in the US, like the SEC, have effec...


Cardano’s Price: Falling Like a Tripped Bull

ADA's value drops as traders take profit amid steep rise and in anticipation of Federal Reserve's rate decision.


$100 Million Trading Volume Fuels Cardano's 3% Surge Is it the Beginning of a New Bull Market?

Fashionista Alert Cardano (ADA) on the Rise – Breaking Resistance Level May Indicate Bull Market, But Poor Fundamenta...


Crypto Analyst's Prediction Bitcoin to $100,000, Cardano Declared Dead

In a recent statement, Tom Dunleavy, esteemed Partner and CIO at MV Capital, provided insightful reasoning behind his...